Summary: Bendigo Bank to issue new hybrid security, BENPI; likely issue margin 3.20%; expected to initially pay around 7.55% (annualised, including franking credits); 0.70% above current median sector margin; first call date in December 2030; trading expected to begin on 26 March 2024. In recent years, when one of a company’s existing hybrids approaches its first call date (or first optional exchange date), speculation turns to the likelihood of a...